Bitcoin Speculators Slightly Edged Their Net Bearish Positions Higher
Zachary Storella | Jun 17, 2018 05:03AM ET
Bitcoin Non-Commercial Speculator Positions:
Large cryptocurrency speculators slightly added to their bearish net positions in the Bitcoin futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,945 contracts in the data reported through Tuesday June 12th. This was a weekly lowering of -19 contracts from the previous week which had a total of -1,926 net contracts.
Speculative bearish positions edged higher for a third straight week and to a new highest bearish level since February 6th when net positions totaled -2,040 contracts.
Small traders, meanwhile, also edged their existing bullish positions higher this week by an equally offsetting +19 contracts to the current level of 1,945 net contracts.
Bitcoin Futures COT Data: Speculators vs Small Traders
The Bitcoin futures data is in its twenty-sixth week since the beginning of the cryptocurrency futures data releases on December 19th. The data includes trader classifications of only speculators and small traders and without commercial traders (typically business hedgers or producers of a commodity).
Speculators have been on the bearish side since the start of the bitcoin data releases and remain bearish while the small traders continue to be on the bullish side of this market.
Bitcoin per USD:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $6548.79 which was a decline of $-1038.46 from the previous close of $7587.25, according to unofficial market data.
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